SL Green Realty (NYSE:SLG) Price Target Increased to $72.00 by Analysts at BMO Capital Markets

SL Green Realty (NYSE:SLG) had its target price upped by BMO Capital Markets from $58.00 to $72.00 in a report issued on Tuesday morning, Benzinga reports. BMO Capital Markets currently has an outperform rating on the real estate investment trust’s stock.

Several other brokerages also recently commented on SLG. JPMorgan Chase & Co. lifted their target price on shares of SL Green Realty from $43.00 to $44.00 and gave the stock an underweight rating in a research note on Thursday, April 25th. StockNews.com raised shares of SL Green Realty to a sell rating in a research note on Friday, July 19th. Piper Sandler lifted their target price on shares of SL Green Realty from $58.00 to $75.00 and gave the stock an overweight rating in a research note on Wednesday, July 24th. Evercore ISI lifted their price target on shares of SL Green Realty from $47.00 to $49.00 and gave the company an underperform rating in a report on Monday, July 1st. Finally, Barclays lifted their price target on shares of SL Green Realty from $48.00 to $49.00 and gave the company an equal weight rating in a report on Monday, July 15th. Six research analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $49.62.

SL Green Realty Trading Down 5.1 %

SLG stock opened at $62.99 on Tuesday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.96 and a current ratio of 2.59. SL Green Realty has a one year low of $28.55 and a one year high of $68.92. The company’s 50 day moving average price is $57.68 and its two-hundred day moving average price is $52.33. The company has a market capitalization of $4.15 billion, a PE ratio of -7.63, a price-to-earnings-growth ratio of 2.13 and a beta of 1.83.

SL Green Realty (NYSE:SLG) last issued its earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.09. SL Green Realty had a negative net margin of 19.31% and a negative return on equity of 3.92%. The company had revenue of $222.82 million for the quarter, compared to the consensus estimate of $133.83 million. During the same period in the previous year, the firm earned $1.43 earnings per share. The firm’s revenue for the quarter was down 9.4% on a year-over-year basis. As a group, analysts predict that SL Green Realty will post 7.56 earnings per share for the current fiscal year.

SL Green Realty Cuts Dividend

The firm also recently announced a monthly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st will be given a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 4.76%. The ex-dividend date of this dividend is Wednesday, July 31st. SL Green Realty’s dividend payout ratio (DPR) is -36.32%.

Institutional Investors Weigh In On SL Green Realty

Hedge funds and other institutional investors have recently made changes to their positions in the business. Phocas Financial Corp. purchased a new stake in shares of SL Green Realty during the 4th quarter valued at about $3,425,000. Prospect Financial Services LLC purchased a new stake in shares of SL Green Realty during the 4th quarter valued at about $12,373,000. Jump Financial LLC purchased a new stake in shares of SL Green Realty during the 4th quarter valued at about $2,808,000. Wellington Management Group LLP increased its position in shares of SL Green Realty by 7.6% during the 4th quarter. Wellington Management Group LLP now owns 1,114,957 shares of the real estate investment trust’s stock valued at $50,363,000 after purchasing an additional 78,322 shares during the last quarter. Finally, Daiwa Securities Group Inc. increased its position in shares of SL Green Realty by 479.1% during the 1st quarter. Daiwa Securities Group Inc. now owns 113,028 shares of the real estate investment trust’s stock valued at $6,231,000 after purchasing an additional 93,511 shares during the last quarter. Hedge funds and other institutional investors own 89.96% of the company’s stock.

About SL Green Realty

3SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2022, SL Green held interests in 64 buildings totaling 34.4 million square feet.